PANews reported on March 12 that, according to CoinDesk, data shows that institutional-grade crypto exchange Bullish entered the top three centralized exchanges in spot trading volume for the first time in February, surpassing Coinbase. Bullish's spot trading volume increased by 62.6% month-over-month to $76 billion, the highest monthly total since October last year; its market share rose to 5.06%, exceeding Coinbase's 4.59%. Bullish went public on the New York Stock Exchange last year.

Despite Bullish's increased market share, overall centralized exchange activity declined. Total spot and derivatives trading volume fell 2.41% to $5.61 trillion in February, the lowest level since October last year. Binance still leads with a 22% market share, but its dominance has fallen to its lowest level since October 2020, indicating that trading activity is dispersing to more competitive platforms.